Franklin Resources Inc. increased its holdings in shares of Irhythm Technologies Inc (NASDAQ:IRTC) by 1.4% during the first quarter, HoldingsChannel reports. The institutional investor owned 1,065,716 shares of the company’s stock after acquiring an additional 15,200 shares during the period. Franklin Resources Inc.’s holdings in Irhythm Technologies were worth $67,087,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. SG Americas Securities LLC purchased a new position in Irhythm Technologies in the 1st quarter valued at $112,000. Alambic Investment Management L.P. purchased a new position in Irhythm Technologies in the 1st quarter valued at $208,000. Bluestein R H & Co. purchased a new position in Irhythm Technologies in the 1st quarter valued at $283,000. Shaker Investments LLC OH purchased a new position in Irhythm Technologies in the 4th quarter valued at $263,000. Finally, Two Sigma Advisers LP purchased a new position in Irhythm Technologies in the 4th quarter valued at $331,000. Hedge funds and other institutional investors own 98.78% of the company’s stock.
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In other news, EVP David A. Vort sold 935 shares of Irhythm Technologies stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $67.01, for a total transaction of $62,654.35. Following the transaction, the executive vice president now owns 22,221 shares in the company, valued at approximately $1,489,029.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Derrick Sung sold 10,000 shares of Irhythm Technologies stock in a transaction on Friday, May 18th. The stock was sold at an average price of $70.00, for a total value of $700,000.00. Following the transaction, the insider now owns 23,858 shares in the company, valued at approximately $1,670,060. The disclosure for this sale can be found here. In the last quarter, insiders have sold 204,953 shares of company stock worth $13,610,810. Insiders own 23.30% of the company’s stock.
Shares of Irhythm Technologies opened at $74.71 on Friday, Marketbeat reports. Irhythm Technologies Inc has a fifty-two week low of $34.95 and a fifty-two week high of $77.67. The company has a debt-to-equity ratio of 0.45, a quick ratio of 6.48 and a current ratio of 6.59. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -57.47 and a beta of 1.17.
Irhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Wednesday, May 2nd. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.11). Irhythm Technologies had a negative return on equity of 43.37% and a negative net margin of 32.73%. The company had revenue of $30.60 million for the quarter, compared to analysts’ expectations of $29.07 million. During the same quarter in the prior year, the firm earned ($0.24) EPS. The firm’s revenue was up 43.0% on a year-over-year basis. sell-side analysts expect that Irhythm Technologies Inc will post -1.54 EPS for the current year.
A number of research analysts have weighed in on IRTC shares. ValuEngine upgraded Irhythm Technologies from a “sell” rating to a “hold” rating in a report on Friday, February 2nd. JPMorgan Chase & Co. raised their price objective on Irhythm Technologies from $62.00 to $67.00 and gave the company an “overweight” rating in a report on Thursday, February 15th. BidaskClub upgraded Irhythm Technologies from a “hold” rating to a “buy” rating in a report on Thursday, February 22nd. BMO Capital Markets started coverage on Irhythm Technologies in a report on Monday, March 5th. They issued an “outperform” rating and a $76.00 price objective on the stock. Finally, Canaccord Genuity restated a “buy” rating and issued a $80.00 price objective (up previously from $68.00) on shares of Irhythm Technologies in a report on Monday, March 12th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Irhythm Technologies presently has a consensus rating of “Buy” and an average target price of $69.29.
About Irhythm Technologies
iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.
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